(a) An insurer must report all material nonrenewals, cancellations, or revisions of ceded reinsurance agreements on a nonconsolidated basis unless:(1) the insurer is part of a consolidated group of insurers that uses a:(A) pooling arrangement; or(B) one hundred percent (100%) reinsurance agreement;that affects the solvency and integrity of the insurer's reserves; and(2) the insurer ceded substantially all of its direct and assumed business to the pool.(b) An insurer is considered to have ceded substantially all of its direct and assumed business to a pool under subsection (a) if the insurer has less than one million dollars ($1,000,000) total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement represents less than five percent (5%) of the insurer's capital and surplus.As added by P.L.251-1995, SEC.17.
Indiana Legal Code